Friends of Global Market Inc

Analysis

Friends of Global Market Inc is a registered charity in United States, based in Minneapolis, MN. It received its IRS tax-exemption ruling in August 2019, 7 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Friends of Global Market Inc reported income of $270k and spending of $592k, spending 220% of what it took in. Across the 4 years on record, from December 2020 to December 2023, income fell from $962k to $270k (-72%), an average of -35% a year. The sharpest change came in the year to December 2023, when income dropped by 58%. Over the whole period it spent 102% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Friends of Global Market Inc sits at the 57th percentile: it is larger than about 57% of them. Against every charity in United States with reported income it ranks in the 60th percentile, and in the 59th percentile within MN. Charities of a similar size with the same main cause include Lewisburg Downtown Partnership ($270k), Connersville Urban Enterprise Association Inc ($270k) and Creative Enterprise Zone ($269k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 97% and program service revenue 19% of the total. Other salaries and wages came to $110k. It paid $25 in professional fundraising fees. At year end it held assets of $133k against liabilities of $125k, net assets of $8,614.